Job Summary
The role holder will be a part of the MRPG team in Bangalore, India and support the Risk function to ensure Group Model Risk Policy (GMRP) and Group Model Risk Standards (GMRP) are adhered to, and regulatory compliance activities are established and well managed. The role holder will provide support for the effective administration of the Group Model Inventory tool (GAME Global Model Analytics Explorer), Group DQMs Inventory tool (Model Risk Management System) and Control Framework Documents (RTFs, policies, standards). The role holder will also be responsible to establish a sustainable process to regularly review, challenge and record regulatory compliance of Risk-owned obligations in the PCF, on behalf of PCF Chapter Owners in Risk. The incumbent will be involved in coordination of periodic PCF attestations, other governance/ regulatory attestations and regulatory/ policy change management activities. The role holder will actively provide support to continuously improve the operational efficiency and effectiveness of the Model Risk Management processes.
Key Responsibilities
Maintain Frameworks, Policies, and Standards
- Support the periodic review and maintenance of Model Risk RTF, Group Model Risk Policy (GMRP), Group Model Risk Standard (GMRS), Group Deterministic Quantitative Methods (DQM) Standards, and Model Family Standards (MFS). This includes initiating periodic reviews, managing stakeholder consultations, thematic reviews and supporting the final incorporation of changes to the documents.
- Provide ongoing support for the implementation of RCSA controls (operational risk controls, control tests, key control indicators for policy compliance) and residual risk assessments across the assigned model families.
- Support the effectiveness reviews performed for the RTF, policy, and standards. Manage the periodic policy compliance assessments for the assigned model families to ensure adherence to the GMRP.
Oversight Reporting
- Prepare monthly and quarterly model risk information reports, oversight reports, Data Quality (DQ) items report and any other ad-hoc reports as required. This includes engagement with stakeholders for inputs and review/ challenge of progress updates provided by stakeholders against timelines.
- Act as the primary point of contact for the assigned model families within MRPG. Provide inputs and manage queries specific to these model families as a part of the various oversight and reporting activities
- Identify, review and track model risk issues and ensure that these are reported to senior management with remediation plans in place and are tracked to completion.
- Provide oversight on various Data quality (DQ) items related to Inventory via DQ item Dashboard and ensure that these are managed by relevant stakeholders with periodic follow-ups to bring them to closure.
Governance
- Support the SS1/23 roll out for the assigned model families by ensuring the Group DQM Standards is adhered to.
- Ensure that outcomes delivered, including necessary controls are fit for purpose and meet regulatory requirements and ensure the Bank's risk governance disciplines are adhered with.
- Support through awareness and understanding of the regulatory framework (specifically FED SR 11/7 or PRA SS 3/18, SS1/23) in which the Group operates, and the regulatory requirements and expectations relevant to the role.
- Oversee changes in the Group's arrangements to deliver effective governance, oversight, and controls in accordance with model risk governance and risk reporting responsibilities.
Regulatory Compliance
- Develop annual review and challenge plan for coverage of all PCF regulations owned in the Risk function.
- Ensure Chapter Owners select their panellists (including subject matter experts) for review and challenge forums.
- Communicate annual PCF review and challenge approach and responsibilities to participants.
- Coordinate and host all PCF review and challenge sessions.
- Record observations, comments or actions at the PCF review and challenge sessions.
- Provide periodic updates to the Regulatory Interpretation Committee on the PCF review and challenge process.
- Design, support and manage tools used for the PCF attestation (for example, use of Service Bench, RCMS and OWLS).
- Work with Technology teams to provide inputs and BRDs for strategic PCF automation initiative; participate in proof-of-concept reviews and workshops with vendors.
- For ERM-owned regulatory obligations, track actions undertaken to mitigate, reduce or contain the identified regulatory risks.
- Provide support to continuously improve the operational efficiency and effectiveness of regulatory compliance processes in the Risk function.
- Coordinate with all relevant line owners on Basel 3.1 regulatory changes, and support the assessment, coordination, and implementation of these changes within IRB related regulations and applicable articles.
- Disseminate IRB related regulatory updates, including any changes impacting the IRB framework, and communicate these changes clearly to all relevant line owners to ensure awareness and understanding.
Key stakeholders
- Model Risk Management Team
- Members of ERM Management Team
- Model Owners, Model Sponsors and Global Process Owners
- Group Model Validation
- Country CRO, RFO, Governance teams
- Internal Audit Functions
- Owners of relevant regulatory obligations
- Risk Framework Owners and Policy Owners
- Country CRO, REO, Governance teams
- Regional CRO and governance teams
- Group Operational Risk, Group COO and other business COOs
Skills And Experience
- 8-12 years of total experience with minimum 4-5 years of experience in Model Risk Management and regulations from leading financial regulators in the UK and Europe (e.g. PRA, EBA, etc.)
- Good communicator, in particular written communications in English
- Ability to explain complex matters in simple and intuitive terms
- Ability to track and report progress updates of multiple areas against milestones and highlight key issues
- Collaborative; working as part of a broader team to ensure a coordinated and consistent approach
- Good organiser of incoming requests within the team
- Ability to work with minimal direction
- Demonstrate understanding of and commitment to the Group's core values.
- Ownership mindset, able to think creatively and be open to new ideas
- Able to work with tight deadlines and multiple demands
- Attention to detail
- Proactive, problem-solving, helpful
- Strong experience in MS Outlook, Word, Excel, Power Point, and preferably Atlassian JIRA
About Standard Chartered
We're an international bank, nimble enough to act, big enough for impact. For more than 170 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents and we can't wait to see the talents you can bring us.
Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion.
Together We
- Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
- Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
- Are better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term
What We Offer
In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.
- Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations.
- Time-off including annual leave, parental/maternity (20 weeks), sabbatical (12 months maximum) and volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum.
- Flexible working options based around home and office locations, with flexible working patterns.
- Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
- A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning.
- Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.
